Lagos: The incoming Chairman of the Nigerian Insurers Association (NIA), Mrs. Ebelechukwu Nwachukwu, has announced that her administration will focus on deepening insurance penetration, strengthening public trust, and fostering more collaboration across the financial services sector. Nwachukwu, who is also the Managing Director of Rex Insurance Ltd., made these remarks during a pre-investiture news conference in Lagos, ahead of her inauguration as the 27th Chairman of the association on July 3.
According to News Agency of Nigeria, Nwachukwu emphasized that her vision aligns with the NIA’s mandate and aims to ensure that the Nigerian Insurance Industry Reform Act (NIIRA) 2025 delivers lasting benefits to the industry and the broader economy. She noted that her administration will prioritize deepening insurance penetration through collaboration, improving public understanding of insurance, and supporting effective implementation of industry regulations.
Nwachukwu stated, “My tenure will focus on making insurance understandable to every Nigerian. We will simplify claims, clarify policy language, and share real stories of insurance at work, protecting families and businesses. When people understand insurance, they trust it. And when they trust it, they buy it.”
She further mentioned that the NIA would continue its statutory role of advising the government on insurance-related legislation and supporting members to comply with regulations. Nwachukwu pledged to position the association as a credible and constructive partner to regulators by providing technical input, identifying implementation challenges, and advocating policies that support a healthy and competitive industry.
The incoming NIA chairman reiterated her commitment to expanding insurance access across urban and rural communities through collaboration, public enlightenment, and stronger industry standards. She also urged the media to support efforts aimed at improving public perception of insurance and raising awareness of its role in protecting lives and businesses.
Nwachukwu highlighted the importance of fostering stronger partnerships across the financial services sector, which will be a key pillar of her administration. The investiture ceremony will be chaired by the Managing Director of Fidelity Bank Plc, Dr. Nneka Onyeali-Ikpe, reflecting the growing collaboration between the banking and insurance industries.
Mr. Olamide Olajolo, Chairman of the Publicity Committee of the Investiture Local Organising Committee and Managing Director of Coronation Insurance, stated that the association would prioritize capacity building through training programs and partnerships with leading insurance firms and brokers abroad. This initiative aims to expose Nigerian insurance professionals to global best practices and equip them with the technical expertise required to underwrite complex risks.
Olajolo explained that the industry’s shortage of technical expertise has led to complex risks being assessed and priced outside the country, with a significant proportion of premiums from specialized risks, such as cyber insurance and energy-related businesses, currently flowing out of Nigeria due to limited local capacity. He emphasized that there will be significant investments in capacity building, not only in underwriting but also in investment management, to ensure that operators maximize returns and strengthen their portfolios.
In addition, Mr. Babatunde Fajemirokun, Chairman of the Investiture Local Organising Committee and Managing Director of AIICO Insurance, noted that the association would focus on improving the use of industry data to support policy formulation and provide informed advice to the government. He stated that NIA would play a more active role in engaging regulators and policymakers by providing professional input on policies and frameworks affecting the insurance sector.
Fajemirokun described Nwachukwu’s emergence as historic and inspiring, noting it reflects the depth of talent, professionalism, and leadership capacity within the Nigerian insurance industry. He expressed confidence that her tenure would build on the achievements of previous leadership and advance the association’s priorities of strengthening public trust, deepening insurance penetration, enhancing regulatory engagement, promoting innovation, and driving industry growth.